How Did CITIC Bank and Manulife Extend Their Bancassurance Partnership?

What was announced in 2011?

CITIC Bank International and Manulife Hong Kong renewed their bancassurance partnership for another 10 years. Under the agreement in place since 2005, CITIC would keep distributing Manulife products, including protection, savings and investment-linked insurance plans. CITIC CEO Doreen Chan said six years of success stemmed from a shared goal — professional services and exceptional value for customers. Manulife executive VP and CEO Michael Huddart called it a win-win-win for both institutions and, more importantly, customers.

What’s the lesson for workers?

Bank-sold insurance isn’t retirement security; manage your own MPF account at MPF fund comparison.